Message Font: Serif | Sans-Serif
 
No. of Recommendations: 0
Hello one and all. We are beginning to explore the possibility of transferring IRA's to foreign retirement vehicles--Canada, Ireland, Great Britain--after November. Any information would be appreciated.
Print the post Back To Top
No. of Recommendations: 0
Hello one and all. We are beginning to explore the possibility of transferring IRA's to foreign retirement vehicles--Canada, Ireland, Great Britain--after November.

I don't think you can't do it. Internal Revenue Code section 408(a) requires that an IRA be a trust organized in the United States.

TMF ExRO
Phil Marti
Print the post Back To Top
No. of Recommendations: 0
Greetings, Anselm1, and welcome. You wrote:

<<Hello one and all. We are beginning to explore the possibility of transferring IRA's to foreign retirement vehicles--Canada, Ireland, Great Britain--after November. Any information would be appreciated.>>

As Phil pointed out, that just ain't a-gonna happen. If you wish to invest those funds in a foreign country, then it won't be in an IRA. To invest there, you will have to cash in the IRAs, pay the income taxes, and move the rest to those countries for investment.

Regards..Pixy
Print the post Back To Top
No. of Recommendations: 0
What is your goal in wanting to transfer your IRA's overseas?

If your goal is to buy foreign securities, you can buy them from large US brokers. I'm not sure if you can buy foreign securities within an IRA, but I suggest you call and ask a broker. If they say yes, set up a self-directed IRA brokerage account and consider transfering your existing IRA to that account.

If your a foreign citizen, returning to your country of origin, you may be able to transfer a US pension plan to one in the other country if there is a specific provision in the Double Taxation Treaty between the US and the other country.

Regards ... Kingfool1



Print the post Back To Top